The section of Indian industry felt that being part of RCEP would have allowed the country to tap into a huge market. A few like pharmaceuticals, cotton yarn and the services industry were confident of making substantial gains.
In November last year, India disassociated itself from this deal and attributed the increasing trade deficit to India. India had said that joining the deal meant that the Chinese market was flooded with Indian goods, which would adversely affect India's internal economy. This time India has not participated in the deal, but officials said that the doors have been kept open for India to rejoin the deal. Please tell that India's issues were not taken care of in RCEP, due to which India did not participate in it.
